Betfair, the world leader in betting exchange technology and owner of U.S.-based advance deposit wagering platform and racing channel TVG, reported a loss of US$75.4 million in its annual report.
The California Horse Racing Board Nov. 15 approved the wagering platform that allows players to buy and sell, "back" or "lay" wagers.
The CHRB could give its final approval to exchange wagering rules Nov. 15 when it meets at 9:30 a.m. PST in the Sunset Room at Betfair Hollywood Park.
A bill that would not only increase takeout on exotic wagers in California but also introduce "exchange wagering" to the state has drawn opposition within the racing industry.
A New Jersey Assembly committee released a bill June 17 that would allow exchange betting on horse racing.
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